BIT Mining’s Subsidiary BTC.com to Exit Mainland China

BTC.com, the mining pool subsidiary of BIT Mining (NYSE: BTCM), will exit mainland China in response to the ongoing crackdown on the crypto industry in the country.

• Starting today, BTC.com will stop registering new users and also expects to start closing the accounts of existing users, BIT Mining announced Thursday.

• While warning that the withdrawal may have an adverse impact on its financial statements, BIT Mining is optimistic that growth in other markets will offset the loss of business from China.

• Antpool, the largest bitcoin mining pool by hashrate, also said it will block internet access from mainland China.

• At the time of writing, NYSE-traded BIT Mining’s share price was up 4.3% in pre-market trading.

• However, the price move could be due to bullish movement in the crypto market, with bitcoin’s pricing nearing $60,000 for the first time since May. The jump has been attributed to news that the U.S Securities and Exchange Commission could at last approve the listing of a bitcoin exchange-traded fund.